Tag Archives: Mortgage Rates

Congress has already approved of raising Fannie Mae and Freddie Mac guarantee fees to support non-housing related initiatives once before. Now, lawmakers are contemplating the use of GSE guarantee fees to fund student loan relief. In response to this, officials from Nationwide Title Clearing sent a release asking Congress not to raid the real estate piggy bank, stating an increase will lead to higher interest rates.

GFI Mortgage Bankers filed a motion Friday to dismiss a suit from the Department of Justice that alleged discrimination in GFI's lending practices. GFI's motion asserts that the disparate impact discrimination statutes cited by DOJ in its suit-the Fair Housing Act (FHA) and the Equal Credit Opportunity Act (ECOA)-do not contain language that permits anti-discrimination claims. The company also argues that the practice of allowing employees discretion when pricing loans is standard policy and widely accepted in the industry.

The number of loans refinanced through HARP in the first quarter of 2012 was nearly double the number of refinances in the fourth quarter of 2011, according to the Federal Housing Finance Agency's (FHFA) March 2012 Refinance Report. The report showed that 180,185 loans were refinanced through HARP during the year's first quarter, nearly twice the 93,190 refinances in the previous quarter. The month of March alone saw 79,470 loans refinanced with HARP, and nearly one in seven loan refinances in the quarter were done through program. The FHFA attributed most of this increase to the launch of HARP 2.0, an enhanced version of the program that eliminated loan-to-value (LTV) ceilings for borrowers.

Following lower bond yields, the 15-year fixed fell below 3 percent, while the 30-year fixed set a new record-low as well, according to Freddie Mac's Primary Mortgage Market Survey. The 30-year fixed-rate mortgage dropped to 3.75 percent (0.8 point) for the week ending May 31. The 15-year fixed slid into new territory, averaging 2.97 percent (0.7 point), down from 3.04 percent. A year ago at this time, the 15-year fixed stood at 3.74 percent.

The incentive comes as an extension of Freddie Mac's First Look Initiative, a program designed to stabilize communities and support housing recovery. The initiative offers owner-occupants, second purchasers, and neighborhood stabilization non-profits a chance to purchase HomeSteps homes for a brief period after listing with no competition from investors.

Fixed rate mortgages were little changed this week after falling and breaking record lows, according to Freddie Mac's Primary Mortgage Market Survey. The 30-year fixed-rate mortgage averaged 3.78 percent (0.8 point) for the week ending May 24, down slightly from last week when it averaged 3.79 percent. The 15-year rate was unchanged from last week's average at 3.04 percent (0.7 point). Bankrate.com reported little movement as well in its weekly survey.

Just when it seemed like they could not fall any further, fixed-rate mortgages continued to drop, breaking record-low numbers once again, according to Freddie Mac's weekly mortgage market survey. The 30-year fixed-rate mortgage averaged 3.79 percent (0.7 point) for the week ending May 17, slipping from last week's average of 3.83 percent. The 15-year fixed-rate mortgage also fell, ending the week at 3.04 percent (0.7 point). Bankrate.com, which releases a weekly survey using data provided by the top 10 banks and thrifts in the top 10 markets, reported a record-low average for the 30-year fixed, which dropped below 4 percent.

Just when it seemed like rates could not fall any further, Freddie Mac reported fixed mortgage rates sunk even further for the week ending May 10. The 30-year fixed-rate mortgage averaged 3.83 percent (0.7 point), down slightly from last week's average of 3.84 percent. The 15-year fixed also moved downward, ending at 3.05 percent (0.7 point) this week. Alongside Freddie Mac's figures, Bankrate.com reported record low numbers after conducting its survey, which pulls data provided by the top 10 banks and thrifts in the top 10 markets.

Solvency issues re-emerged for the Federal Housing Administration in a hearing convened Tuesday by the Senate Banking Committee, with HUD Secretary Shaun Donovan calling for lower loan-to-value thresholds and more servicer competition to expand refinance opportunities. The hearing quickly turned to servicer competition, which the HUD official said is lacking in part because of strict underwriting guidelines under Fannie Mae and Freddie Mac, inflating home prices and keeping refinance opportunities out of reach for many homeowners.

Homebuyer affordability is even greater now with the fixed mortgage rates slipping to new record lows, according to Freddie Mac's Primary Mortgage Market Survey. The 30-year fixed averaged 3.84 percent (0.8 point) for the week ending May 3, down from the previous record low of 3.87 percent on February 9, 2012. The 15-year fixed mortgage averaged 3.07 percent (0.7 point), also below its all-time record low when it was 3.11 percent April 12 of this year.